CITY OF LACEY UTILITY RECEIVES “AA” RATING FROM STANDARD & POOR’S
LACEY, WA, October 29, 2013: The city of Lacey’s upcoming utility revenue bond issue has received an “AA” long-term rating with a stable outlook from Standard & Poor’s Rating Services. The strong rating will provide favorable interest rates when Lacey’s underwriter markets and prices the bonds, which is scheduled for November 5.
Standard & Poor’s stated their positive rating reflects an opinion that Lacey’s water, wastewater, and stormwater utilities favorably demonstrate:
- The essential nature of the utility’s services
- Steady growth and a diverse customer base
- Strong local ties to the government sector and strong income levels
- Water rights that are forecasted to meet demand for a minimum of 20 years
- Good unrestricted operating liquidity
- Moderate service rates, which provides management with revenue-raising flexibility
- Strong expected coverage by net revenues of the debt service on the bonds, and known potential future borrowings under the utility’s capital improvement plan.
The bond’s proceeds will fund water and stormwater improvement projects in 2013 and 2014, including waterline replacement on 20th Avenue SE and Skyline, Irene, and Skokomish Streets; the Woodland Community Park Reclaimed Water Infiltration Facility; the ATEC Water Treatment Facility Backwash; and the Chambers Lake Stormwater Facility.
Lacey’s City Council encourages its residents to “invest in their city” by purchasing some of the bonds, which are available only through the city’s bond underwriter. For more information, or to receive the Preliminary Official Statement for the bond sale, please contact Lacey Finance Director Troy Woo at firstname.lastname@example.org or (360) 491-3212.
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- Troy Woo, Finance Director; (360) 491-3212; email@example.com